Mainframe Enhancements Offer More-Informative School and Lender Reports
Effective Oct. 24, USA Funds®’ guarantor-servicer made changes to its mainframe loan-processing system that affect reports, school-certification requests and CommonLine Response Files. These enhancements provide more information for schools and lenders during the loan-processing and loan-change-reporting processes.
School-certification requests for PLUS loans
Schools can request that school-certification requests for Federal PLUS loans not be sent until the borrower provides the following information:
- Electronic-funds-transfer authorization.
- Loan period.
- Requested loan amount.
After the borrower provides this information in the borrower-initiated electronic-loan process, the mainframe loan-processing system generates a CommonLine response file to the school stating that the school certification is ready to complete. The enhancement helps schools identify which loan requests include all information needed to certify the loans and submit them for guarantee and disbursement.
Enhanced change-transaction-response-file options
School- and lender-customers that subscribe to the change-response service from USA Funds’ guarantor-servicer may request the following changes to data displayed in CommonLine modification-response records:
- Exclude Student Status Confirmation Report data from the National Student Loan Data System. The change isolates the response file to contain only the information most needed by schools and lenders, so customers no longer see duplicated data in the report.
- Include changes initiated via mail, e-mail, fax, phone and the Web. Previously the response file included only paper change-transaction requests.
To request changes to your CommonLine modification-response records, lenders can contact a USA Funds lender representative, while schools should contact their USA Funds Services representatives.
USA Funds disclaimer for spousal consolidations
The Guaranteed Federal Consolidated Applications report created for lenders and lender-servicers now includes a disclaimer for spousal consolidations. The disclaimer, located at the bottom of the report, serves as a reminder to lenders that a USA Funds guarantee is not valid for any spousal consolidations.
Response files sent to ELM
USA Funds modified its process for generating response files for its school- and lender-customers associated with ELM. In cases in which the loan transmission comes directly from the school or lender, and the loan is not disbursed by USA Funds guarantor-service provider, USA Funds no longer generates and sends “courtesy” response files to ELM. This update prevents inappropriate billing from ELM.
USA Funds will continue to generate and send response files to ELM in cases in which the loan transmission originates with ELM.
If you have questions concerning these mainframe enhancements, call technical support at (800) 348-4606, or contact your USA Funds Services representative.